Due to superior technology, a strong demand for flavoured foods, the establishment of R&D facilities, and suitable climate conditions in these locations, North America dominates the pigeon pea market, followed by Europe and Japan.
The market for Pigeon pea is anticipated to expand at a CAGR of 5.2%. According to projections, the market would be worth US$ 23,798.0 Mn by 2032, up from US$ 14,334.5 Mn in 2022.
There are four varieties of pigeon peas namely tall varieties, tree types, dwarf varieties, and smaller bushes. Pigeon pea is one of the essential legume crops originated in South Asia and are now growing in tropical and sub-tropical regions. Moreover, the largest pigeon peas producing regions are India, Latin America, and Eastern Africa.
Pigeon pea contains high level of nutritional elements such as calories, carbohydrates, vitamins, proteins, and amino acids. Pigeon pea enriches soil fertilizer through symbiotic nitrogen fixation and allows farmers to have a valuable organic product and micronutrients. Pigeon pea is also used as a green manure, cover crop, intercrop and much more in various farming systems.
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Pigeon Pea Market: Drivers and Restraints
Pigeon pea market is witnessing maximum growth owing to the low price of pigeon pea, long storage ease, rising demand for processed products, advanced hybrid seed production technology, enhanced production capacity, and logistical infrastructure. Moreover, consumers are increasingly become health & nutrition conscious, government initiatives for farmers welfare, and increasing government investment towards agriculture sector are some of the other factors that can boost the demand for pigeon pea over the forecast period.
However, seasonal changing pattern, substitutes to pigeon pea, unorganized sector, price fluctuation, high-quality standards, and the threat from pathogens such as fusarium wilt disease, & pests that attack crops are the foremost production constraints which may further hamper the growth of pigeon pea market in near future.
Pigeon Pea Market: Overview
Pigeon pea market revenue is expected to grow at a rapid growth rate, over the forecast period. The market is anticipated to perform well in the near future owing to the government initiatives to control the price war of pulses & improve crop quality.Rising demand for pigeon pea enables farmers to purchase more farm animals and diversify pigeon pea production thus increasing profit and spread risk.
Moreover, pigeon pea contains high protein level & amino acids, improves soil fertility along with consumed in a variety of forms and contains some medicinal value to overcome stomach problems. These are some of the factors that can accelerate the market revenue growth of pigeon pea during the forecast period. Based on form, frozen is anticipated to grow at the highest CAGR over the forecast period This is attributed to the changing lifestyle and busy schedule of the consumers which allow manufacturers to offer pulses that have long term storage capacity.
Pigeon Pea Market: Region-wise Outlook
Depending on the geographic region, pigeon pea market is divided into seven key regions: North America, Eastern Europe, Latin America, Western Europe, Japan, Asia Pacific, and Middle East & Africa. North America dominates the pigeon pea marketfollowed by Europe and Japan owing to advanced technology, high demand for flavored food, establishes R&D facilities and favorable climate conditions in these regions.
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Moreover, India is the largest producer of pigeon pea accounted for 82% of overall pigeon pea production worldwide followed by Indian subcontinent, Eastern & South Africa, and Latin America. Asia Pacific holds huge potential and shows substantial growth in terms of increasing focus towards dietary food habits among consumers, developing logistical infrastructure, expanding import demand for pigeon pea, rising per capita spending on processed pulses.Moreover, early mature pigeon pea varieties in these region allow farmers to reduce costs and enhance their footprints in expanding markets.
Pigeon Pea Market :Key Players
Some players of pigeon pea market are SYMAF Co Ltd., Sun Impex, Interamsa Agroindustrial SAC, A.B.agro Company, Arvind Limited, Akyurek Kardesler Ltd., Taj Foods, Pulses Splitting & Processing Industry Pvt Ltd and Unitex Tanzania Limited.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, types, technology, material, and applications.
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Regional analysis includes
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Pigeon Pea Market: Segmentation
The pigeon pea market has been classified on the basis of the price range, form and distribution channel.
Based on price range, the pigeon pea market is segmented into the following:
Based on form, the pigeon pea market is segmented into the following:
Based on distribution channel, the pigeon pea market is segmented into the following:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Jan 25, 2023
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